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Dollar firms as markets turn defensive over US-Iran escalation risk
The latest reported US strikes expanded beyond military sites, hitting bridges, a train station and an airport in southern Iran, while Iran announced retaliatory strikes against US bases in several regional countries.
Markets took on a more defensive tone into the final US session of the week as investors weighed two converging risks, a deepening global semiconductor selloff and concern that the US-Iran conflict could worsen over the weekend, Action Forex reported.
US equity futures pointed notably lower after steep losses in Asian technology stocks, with the semiconductor rout spreading from South Korea to Japan and Taiwan and pressuring expectations for a riskier open.
Attention also turned to Middle East developments, where reported US strikes hit infrastructure targets in southern Iran, including bridges, a train station and an airport, and US Central Command referenced attacks on military logistics infrastructure for the first time in more than a week.
Action Forex said the dollar recovered broadly while oil edged higher and remained on track for its strongest weekly gain since April, amid declines in gold. Currency moves reflected cautious positioning, with the Canadian dollar outperforming on firmer oil prices, and the Australian and New Zealand dollars under renewed pressure as investors reduced exposure.
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